Republicans in the House of Representatives have signalled that they are ready to move quickly on passing a bill to reinstate the Terrorism Risk Insurance Act (Tria), which expired on December 31 2014.
The new situation in the Senate means that the political conditions for passing Tria now look more positive and the House of Representatives, also controlled by the Republicans, is now expected to move swiftly to pass a bill to reinstate the programme.
Sources close to the matter have told Reactions that the bill is likely to be the same bill which passed the House in December.
Rep. Jeb Hensarling (R-TX), chairman of the House Financial Services Committee and one of the authors of the House bill, released a statement today stating the new bill is more likely to get to the Senate floor now that Republicans control the upper chamber.
“The only reason Tria expired
Given the overwhelming support of Democrats in the House for the renewal bill that passed in December, making it more than likely that the same bill will be successful when it is voted on again this week in the House.
“The House will once again lead on this issue and bring up the same bipartisan bill that 196 House Democrats voted for less than a month ago,” said Hensarling. “Just as before, this bill will also bring greater certainty and stability to Main Street businesses. I look forward to yet another overwhelmingly bipartisan vote for this legislation.”
Democrats are still against substantial changes to the Dodd-Frank act and the White House expressed disapproval of the additional Dodd-Frank provision in the Tria renewal bill when it passed the House in December, however it stopped short of saying that President Obama would veto the bill.
Reactions understands that a vote could take place as early as Wednesday, although a vote on Thursday is still a possibility.
The House overwhelmingly voted to extend the Tria programme in December, but the bill failed to pass the Senate because of objections to unrelated provisions in the bill.
Tria’s failure to pass the Senate was primarily the responsibility of Former Republican Senator Tom Coburn (R-OK), who objected to a provision in the bill to create a semi-federalised network of agents and brokers and placed a hold on the bill.
However, the bill also faced opposition from Democrats over a separate provision in which included substantial changes to the Dodd-Frank act.
These changes meant that the Democratic leadership in the Senate did not move to override Coburn’s hold and the bill was allowed to fail without coming to a vote.
Coburn however is now gone, having retired at the end of the last session, and the Republicans control the Senate.